Res 2024-125 providing no objection to the submission of an application for Low Income Housing Tax Credits to the Texas Department of Housing and Community Affairs

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RESOLUTION NO. 2024-125R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS,TEXAS PROVIDING NO OBJECTION TO THE SUBMISSION OF AN APPLICATION FOR LOW INCOME HOUSING TAX CREDITS TO THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR THE PROPOSED "THE SPRINGS" MULTIFAMILY HOUSING PROJECT LOCATED EAST OF THE INTERSECTION OF INTERSTATE HIGHWAY 35 AND AQUARENA SPRINGS DRIVE AND BETWEEN AQUARENA SPRINGS DRIVE AND DAVIS LANE; APPROVING FINDINGS RELATED TO THE APPLICATION; IMPOSING CONDITIONS FOR SUCH NON OBJECTION; AUTHORIZING THE CITY MANAGER, OR HIS DESIGNEE, TO EXECUTE SAID AGREEMENT AND TO SUBMIT AND EXECUTE DOCUMENTS RELATED TO THE APPLICATION; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. Streamline Advisory Partners, LLC. (the "Applicant") has proposed a multifamily development presently known as "The Springs" for affordable rental housing generally located east of the intersection of Interstate Highway 35 and Aquarena Springs Drive and between Aquarena Springs Drive and Davis Lane in the City of San Marcos which will include 304 units (the"Project"). 2. The Applicant has communicated that it intends to submit an application to the Texas Department of Housing and Community Affairs ("TDHCA") for Low Income Housing Tax Credits for the Project (TDHCA application number 24405). 3. As provided for in §11.3(c) of the Qualified Allocation Plan, the City of San Marcos has more than twice the state average of units per capita supported by Housing Tax Credits or Private Activity Bonds. 4. In accordance with the requirements of Texas Government Code §2306.67071 and Texas Administrative Code §11.204(4): a. notice has been provided to the City of San Marcos, Texas; b. the City of San Marcos, Texas has had sufficient opportunity to obtain a response from the Applicant regarding any questions or concerns about the Project; and C. the City of San Marcos, Texas has held a hearing at which public comment may be made on the Project. 5. The City acknowledges the Applicant has demonstrated that the Project meets the following criteria in order to be considered for an exemption from local taxes: